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i'm carl quintanilla. welcome to "squawk alley." be of a digestive day. dow's down after monday's big rally. lyft, shares down well below the ipo and change after dropping in the second day of trading. stock down almost 2%. early facebook investor and the author of "zucked," no doubt you've seen ads for that book everywhere. roger, it's good to have you back. >> great to see you, carl. >> let's talk a bit about lyft. you know how these shows work. how unusual is the action this early into public life >> i don't think this is unusual at all, from lyft's perspective, they desperately needed to raise as much capital as they could get so they're going to price the thing to whatever the limit was that they could get the offering done.

you saw even the day of the original public offering that it hit its peak early on and from the point of view of lyft management, this is just something that happens and i think if you're a public shareholder, you want to tighten up the seat belt because it's not at all clear that, you know, what the business model looks like long-term so stocks will be amazingly volatile. let's face it, it was immensely successful ipo and from the companies point of view this was mission accomplished. >> so no cautionary tales for ipos to come. >> hang on, my friend. you and i have talked about this many times in the past. the ipo market is always really dicey and the thing to remember is that the goal of the management team in this case is really different than the goal of the public investor and for the public investor's point of you, this is a company a long way from profitability where it competes with a much larger

player, uber, which is also a long way from profitability. you have two viable players now because lyft is public, they have two viable players, they have potentially a death match until they finally find a way to merge and for the public investor i think that's super tough for a long time. >> roger, it's john. explain to me, though, how you get this 20 times oversubscribed situation. they raised the range to 70 to 72 leading into the ipo itself and then it falls -- where is it now? 68, 69 it suggests the people that have been invested in this stock don't believe the pitch that the company was giving to the public investors just a few days ago. am i reading that wrong? >> it's pretty obvious that the people who were looking at the ipo had a very short time. to my mind the people who own

the stock in the private market, you know, their situation was really simple which is get liquidity and, you know, all the valuations the private market were lower, so from their perspective any price was a good one but the higher, the better. this is not a company who's future was completely made before the ipo. they need a lot of capital to make this thing work because uber can outspend them. from my perspective, i don't want to read too much in to it. there's more sellers than buyers right now and why that shouldn't continue i don't know, because, again, the company is such a long way from profitability and what do these businesses really worth long-term? i don't think that's obvious. we've talked about this, john, many times, that the way the private market is valued them in my mind is not the way i would do it. >> roger, i want to go back to this idea of comparing uber and lyft to siriusxm and the facts that maybe the path to profitability is a merger between these two names. is that something that could actually even come to fruition

in terms of antitrust and what regulators would be looking for in terms of competition in the marketplace? >> morgan, that is such a good question, particularly at this moment in time. as you know i'm actively engaged in looking at antitrust issues in a different context and the one thing i can tell you, after essentially 16 years, two administrations, where antitrust was -- there's a real interest now in looking at concentration of economic power and not just in tech. the whole economy is overly concentrated today and that makes me very nervous. i would also suggest that, you know, in this particular category, it's not anything like the kind of threat it is in internet platforms or other areas. there's no way to know what regulators are going to look at. i can't imagine this is the highest priority but who knows >> finally, roger, we don't often talk about seaport global they do have a sell rating on it today price target 42 as they

argue in the future. people are going to own cars and they're going to rideshare as a supplement. does that make sense to you? >> yeah. i have to be honest with you, i look at the trends of people getting driver's licenses later and later in life. it feels to me like there is a massive transition coming in how transportation works in the united states and probably around the world, but the country hasn't made the investment in the infrastructure for driverless cars that i would like to see and so i don't know what the slope of that looks like, but with younger people, uber and lyft is how they're getting around and to me the issue isn't the demand site, it's the pricing and it's the terms under which they do business with the drivers, which i think are manifestly unfair. i think all of those things are going to have to get fixed. >> we'll play close attention to it, of course, with your help. moving on to facebook, roger. you published your own op-ed this morning in "the guardian" in response to zuckerberg over the weekend calling for his new

rules a quote, monument to insincerity. there has been some rolling of the eyes collectively since his "the washington post" piece. what do you mean exactly >> what i mean here -- first of all, let me give mark a lot of praise for at least engaging in the conversation. google right now is still pretending that this stuff has nothing to do with them and i don't get that at all. mark is playing catch-up, that the politics of this thing have changed and if you're facebook or google, right now you're in a situation where there's a growing consensus that the business model is causing more harm than we can tolerate in civil society. there's going to be regulation. mark's trying to frame that conversation in the way that's most favorable to him. good for him for doing that, but i just want every policymaker and every citizen to know that what mark has done in his four proposals is basically try to avoid responsibility for hate speech, trying to avoid

responsibility for election manipulation that's going on in the platform and he's trying to misdirect us relative to privacy and to data sharing by having us only focus on the data that people put into his platform, which is at most 1%. the real problem here is meta data which is the data about what you're doing when you're on the platform. it's the data that they collect from your internet browsing history and it's the data that they acquire from third parties that might be your most intimate financial data, health data, your location data, and other browsing history kinds of things that they wouldn't get internally and that's where the problem is, that's where the regulation has to focus and it's way more than just facebook. it's google and it's increasingly amazon and microsoft. >> i'm glad you brought up google, roger. you mentioned in this op-ed that you compare facebook versus google which you say is guilty of many of the same business practices and harms yet has received far less attention for

them, a, why do you think it has received far less attention, and b, does that speak to the fact that you have a company and a cfo there that's employmented a very different strategy was down in d.c. for example, meeting with the president and others? >> i really think was going on facebook is cambridge analytica and that got everybody to pay attention and google did not. the reality from a business model perspective actually began with google. there's an amazing book by a woman named shashanna that is called the age of capitalism. google had the incite into 2002 that it could basically gather data everywhere, it could lay claim to data that was in public spaces with things like street view and satellite view and google glass and poke can i mon go. it could grab all of our data online by either acquiring it or tracking us everywhere we go and create a market for behavioral

prediction and the key thing about this is that google is executed this not just brilliantly but also sureptiously. it put ads in there at the beginning to justify scanning the emails knowing i think that we would push back on the ads. >> it seems to me, roger, like the lesson from this zuckerberg proposal four parts is that he's filling a void. here facebook is. it has a cofounder and ceo in mark zuckerberg who can speak clearly and unless you're europe which has a very clear regulatory agenda in this tech era, if you're the u.s. or the rest of the world, nobody can seem to decide what they want to do here so zuckerberg's trying to fill that void and saying, hey, i'll tell you what you can do. here's how you regulate it. >> i think that's exactly what he's trying to do and my basic point is that we should let him

form the agenda and frame the conversation. >> who else is going to do it? >> we'll see how that turns out. >> roger, good stuff. we'll see you next time. have fun in chicago. >> thank you very much. take care. still to come here on "squawk alley," the u.s. chamber of commerce ceo tom done ahue is with us after the break and later on equal payday, we talk to the firm advising silicon valley names like lyft, airbnb on how to close the pay gap. wa

friend get a dog. >> get clean on the herbalife thing. >> i didn't get on t

stocks did a nice job of holding yesterday's gains until the last half hour or so. dow's down 126. apple leading the index and walgreen's boots alliance down 12.25%. we're back in a moment.

welcome back to "squawk alley." we just heard from the imf christine lagarde moments ago. let's head back down to d.c. and sara eisen who joins us with another special guest. hey, sara. >> reporter: hey, morgan. i'm here with tom donahue recommending 3 million businesses across the country. thanks for having us here today. >> glad to be here.

>> top of mind is the president threatening to shut down the u.s./mexican border. you guys have advised strongly against this. what would the economic fallout look like? >> first of all, you have to wonder because it hasn't been specific, what would be shut down, for what purposes. surely we don't want to shut down the people that come to the united states every day to work here, cross the border that we need, we don't want to shut down the trade that allows us to make automobiles and related products between the two countries, we don't want toshut down the movement of tourists, but the president has a legitimate concern about these migrations of people and what are we going to do with those going forward because we've sort of -- the

house is full. >> have you called the president to talk about some of the economic implications of all of this >> i think we have conveyed to the president some of the issues he should be thinking about. you know, i've observed for a real long time that this administration, you know, sets a point and then deals with it and then moderates the way reality demands to get what they need and not to create a larger problem, generally. >> so you think this is just a negotiating ploy >> no i think it's really to try and call more attention to the problem of these migrations. i think it probably won't hurt in trying to use some other monies in our coffers to work on walls and things like that, although, you're still going to have those problems to deal

with, but my view is that th president and the administration, in particular, have to -- whatever they decide to do, they just have to do it without screwing up the economy. >> same with trade and i know you've been somewhat supportive of the idea that the president is trying to negotiate a deal with china to make it more competitive for american businesses to do business there. are you optimistic that it's going to happen? >> yes. >> why >> i think there's three reasons. first of all, we both need those trading and geopolitical relationships. they're essential to both of our countries. second, it's not only a major problem for us the way the chinese have behaved in terms of intellectual property and the demand to come forth with your technology and joint ventures

and keeping american companies out of many of the industry opportunities, so it was important to sort of move aggressively on that regard and we all had to stand up and do that, but also we have to look at it. they're the second largest economy in the globe. they are a geopolitical partner, much better than being a geopolitical adversary and we need to pay attention to this and come up with good solutions. i am not in all of the trade issues enamored with tariffs because, as you know, they're all paid for by american companies. you buy a million dollars worth of steel some where that has a tariff on it, you send a check for a quarter of a million dollars to the u.s. government. >> right, despite the fact that the president says everybody else pays for them >> i'm not commenting on that. i'm just commenting on the fact

that that's what it is and there's a very short time role for them, perhaps, but the point is that as we get this the new nafta agreement as a very good one, we've got to get it through thecongress and we'll get there, but at the same time, he and the administration have said and when that happens we'll get rid of the tariffs. so -- this is a positive message. if we finish that and get rid of those tariffs it would be a measure to everybody else that we want to do business with that, you know, if we tell you we're going to do that, then we'll do it. >> overall, level of confidence right now among your members it soared after the election into the tax cuts, but a lot of business confidence measures have rolled over and cooled down. is that what you're seeing right now? >> oh, yes, but we have had that for the history of american business, you know. businesses all about making

decisions in uncertain times. business is all about investing when others might not. business is all about risk and if that's the case don't expect surveys of american business they'll say everything's great in my business. i'm just not too sure about the rest of the world, and that's a way of saying i'm really feeling good about what we're doing but i have some where to tell the board if things aren't going too well. >> tax cuts still working? >> tax cuts are working. >> for american business what's going on with investment? >> investment is always doing, people -- now right now they're sitting on their cash a little bit they're worried about brexit and worried about venezuela, they're worried about the issues going on in the middle east, they're worried about the united states and while all those things are going on, they'll be a little pull-down on

investments, but after a while, you got too much cash laying around you got to figure out the one place in the world you're going to put it is coming here. >> tom donahue, thank you very much. the president of the u.s. chamber of commerce. back to you guys, john. >> thank you, sara. today showing the fruit of a partnership launching the at work survey and happiness index. it's a quarter measure about how americans feel about their job across five key categories, pay, opportunity for advancement and the top line number, 71 that means people are reasonably happy. first measure in the index on americans overall happiness in their jobs. i spoke with survey monkey's chief research officer earlier about the results of the survey specifically the factors that matter most. take a listen. >> the top two factors overwhelmingly are pay which makes sense. that's a quick fix that lots of

employers can go to when they want to increase happiness at work but the second is opportunity. how much -- what chances do managers and employers give their employees to get ahead at office and those two factors are what separate the industries where people are happiest from those where they're not. >> i also asked him about which industry had the happiest employees and which industry came in at the bottom of the list. >> the happiest comes out to be consulting and research. it's the combined industry. the happiness score there and this is across all five of the factors that we identify is around 78. the least happy is in retail, so people should probably be nicer to people when they buy a cup of coffee or take that ride in a ride sharing vehicle. >> but not sure how much nice is going to help. they want more money. we'll dig deeper into all these numbers. and for more on the results of your self visit cnbc.com/work.

do not miss my interview with ginni rometty tomorrow. >> so money does buy happiness >> at least temporary. >> really fascinating, though. let's get over to european markets which are set to close shortly. sima modi joins us now. >> reporter: u.s. stocks may be lower but europe is moving to the upside picking up where we left off yesterday. the major averages are on track to log a third consecutive day of gains led by the ftse 100. the broader stocks now sits just another 3% away from its all-time high hit back in may of last year, but there is the new data presenting fresh economic warning signs following that mixed pmi data we got yesterday. remember, the uk reported an expansion in factory activity last month but new data today showing its construction industry suffered a set back as brexit uncertain limited

commitments to new projects. let's zig further into walgreen's disappointing forecast. it pointed to continued weakness in the uk during what it described as its most difficult quarter to date. it focused on the boots pharmacy chain in the uk which saw sales drop of more than 7% year over year. weak sales were further compounded by the pound slide amid ongoing brexit uncertainty. so certainly a number of multi-nationals feeling the pain. walgreen's joining a chorus of multi-nationals warning of weakness in europe over the past one month including urban outfitters and fedex and xpo. i want to end with turkish assets. the currency again moving sharply lower against the dollar in the last hour or so as erdogan says it will challenge the vote in tal liz over these mayor races in istanbul. istanbul had been seen as a political strong hold. he seems to be losing support there and that is hurting the

market. guys, back to you. >> two days of ending with turkey says a lot. let's get a news update as well. sue herera is back at hq. >> here's what's happening at this hour. at a politico event, house speaker nancy pelosi weighed in on accusations about inappropriate conduct by former vice president joe biden. she said it should not disqualify him from running for president but added this caveat. >> i think that it's important for the vice president and others to understand, it isn't what you intended, it's how it was received and that's generally a communication in general, to say i'm sorry that you were offended is not an apology. >> los angeles police are looking for the man suspected of killing rapper nipsey hussle. he's been identified at 29-year-old eric holder. the police are asking for the public's help in locating holder. inside edition anchor debra

norville will undercancer surgery. a viewer reached out quite a long time ago and told her she had seen a lump on her neck. she had it checked out and it was nothing at that point, but that has changed and she will have surgery today. we wish her the very best. that's the update this hour. carl, back to you. >> she's won of the best. thank you, sue. take a look at shares of lyft today closing down 12% in its second day as a public company. the major averages here trying to repair some of the mid-day damage. dow's down 87. s&p 500 down almost three. the cnbc trend tracker live data before is brought to you by - no matter where you are in life or what your dreams entail,

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shares of lyft in focus this morning after falling nearly 12% in yesterday's session and down nearly 3% today. leslie picker has more. >> continuing that downward trend. there's two things you want to pay attention to with regard to lyft. number one, volume. 12 million shares in lyft have been traded in the first two hours since the market opened today. this is a highly liquid name at this point. it's a new business model to the public markets. it's being viewed as a proxy. the market is still trying to find the natural level here

which can take a few days if not weeks. now once liquidity in the stock dries up significantly, can you start to see more trading with conviction, less of this momentum trading we've been seeing over the last few days. the second thing is sure interest. one investor was able to get 100,000 shares yesterday from his prime broker and only 10,000 shares this morning indicating that demand to short has been rising over the last two days. the rates to borrow should start trickling in over the next hour or so before settlement takes place at the end of the day, those rates, of course, are indicative of demand. the higher the rates, the more demand there is to short stock. just because the deal settles at the close today doesn't mean there's a catalyst for hordes of short sellers to come into the fray. there's a lot of misconception about this. they've been requesting and receiving stock. brokerages believe that since lyft had such a large ipo they'll be able to get ample

inventory after the shares are completely transferred. heavy short interest isn't always a bad thing for the stock price. one positive surprise in lyft, a catalyst for the lyft shares, all this chatter about short selling could be contributing to some of the negative sentiment we're seeing over the last two days, guys >> continue to watch it, leslie, thank you for putting that perspective for us. boeing under pressure again this morning after delaying its software fix for 737 max jets. the company that provided the crucial data from the deadly ethiopian airline crash led the faa to ground the boeing 737 max fleet is areaion. just today they officially launching what is the first and only global aircraft surveillance system and ceo of err-on joins us now. don, thanks for being with us today. >> thank you, morgan. >> so acquiring certification from the faa today for this

service. it's been years in the making. what exactly is this service and why is it so different than everything else we've seen in terms of tracking capabilities before now >> today is a historic day, not only for aireon but the whole aviation community. with the launch of the aireon satellite based air traffic satellite system for the first time ever we'll have 100% surveillance of all equipped aircraft in the world. we're tracking over 11,000 aircraft world wide right now and the reason why this isn't been done before is because up until this point, all of the tracking of airplanes and the surveillance of airplanes for air-traffic control has been done by ground based systems, by radars that are 1940 technologies, ground base receivers that pick up gps signals coming off of aircraft. what we have done is put in space a network of 66 receivers on the iridium next satellite

constellation that picks up these gps signals being transmitted by aircraft and provides it to air traffic controllers. as of today the air-traffic controllers of canada and of the uk are now using this service to safely move aircraft across the atlantic ocean as well as managing air traffic in canada. >> aireon was more than from iridium and canada has a stake in it, i guess what i don't understand is, we've seen satellites, thousands of satellites in space for years now, decades now, why is this technology only possible today >> it's a good question. there's a few things that had to happen to make this viable. first, all the aircraft had to be equipped with the new technology that transmits the adsb messages and the regulators of the u.s., the faa, the european union, australia, several other countries have

mandated by 2020 all aircraft need to be equipped with these devices that will transmit thee devices. second, we had to have a system that could receive those signals and we were lucky back in 2009, 2010 when the concept came to fruition, irrid yum was in the process of repopulating its network of 66 satellites. it's a very unique satellite constellation that can see any place on earth and can get information from anywhere and to anywhere in realtime and that's the essential part of creating the system that could be used by air-traffic controllers to safely manage traffic. >> don, aviation geeks have been talking about free flight as they called it back in the '90s for a long time. what does this mean for the future of ground based systems then can we start to graduate them out of the system? >> good question. you have to remember, the aviation industry is the safest mode of transportation in the

world and it's -- it is safe because there are multiple layers of surveillance, multiple layers of safety to ensure that the safe component remains part of it. i don't think you'll see ground based systems go away. what you'll see is in places like the ocean where there is currently no surveillance and capability, this is going to enable a change in the system. you can see in the math behind me, you'll see a lot of straight lines, conga lines of air traffic highways if you will across the ocean. the controllers of canada and of the uk will begin using this service to help optimize the flights as they get comfortable with this service, the eventual goal is to remove those highways and let aircraft fly from europe to the u.s. on the most efficient flight paths possible. >> don, along those lines, fill in exactly what data this is going to give us that we haven't had already? it's not as good as having the actual black box but what's the amount of information, maybe the speed of information that we're going to be able to have under

this system that we haven't in the past >> this new capability is called adsb, automatic dependent surveillance broadcast but think of this as the next generation air traffic surveillance technology. this takes some very precise information that's recorded on board the aircraft through gps. it includes not only the position but also the velocity, the speed, the heading, the altitude of the aircraft as well as some quality parameters that get transmitted on a very, very frequent basis from the aircraft. what we were able to do was collect that information anywhere in the world. because of the crash occurred in africa outside of surveillance, there was no other source of the data other than the black box of what happened on the boeing 737 on the ethiopian flight. so what we were able to do is provide that information to the faa, to the ntsb as well as the regulators in canada and eu to allow them to make an assessment of what caused the event and

whether or not they had to make a decision to ground the boeing 737 fleet. think of it as next generation -- it's a difference between getting a location and getting all sorts of other information that will be useful to accident investigators. >> who will be your biggest customers for this and given the fact that we have seen, unfortunately, these tragic crashes in recent months, has there been more reachout to you for folks and companies looking to increase their safety and capabilities >> you have to realize this is a major innovation in air traffic surveillance and air traffic management. so we've been working with partners in the air traffic management industry since we began the program back in 2011. so right now not only have canada and the uk nats organization began using the service but we have nine other customers who have already signed agreements, are getting live data feeds that are going through their own preparation processes. these include european, iceland,

it includes caribbean, large regions of africa will begin using this, singapore will begin using this service and behind those first 11 customers there's another set of organizations that represent about 25% of the world's air space that are in active negotiations with us to begin using the service. i wouldn't say there's something new going on. people really understand the importance of global surveillance and they're working with us very closely to bring this capability to their air space. >> don, thank you for joining us today, the ceo of aireon. >> thank you for having me. after the break, echos of spotify. what can expect from slack's direct listing. before we go, rick santelli, what are you watching today? >> i'm watching that dollar index trading pretty firm. we'll be discussing what the upside possibilities are for the dollar index and also digesting some of lagarde's comments with

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here's what's coming up on the "the halftime report," the great american stock market. on the march to new highs. bank of america ceo is with us today on the markets, rates, trade. everything else whether the financials are a good place to invest right now and the latest on lyft. shares still trading below the ipo price. what one of our own is doing with his own holding

big news coming up when we see you at noon. we'll see you in 15. >> thanks, scott. now let's get to chicago, the cme rick santelli has got the santelli exchange, rick? >> reporter: good morning, john. before we get to the main topic at hand there's something fun going on in the markets. we all know that the story about the dollar index has to be framed rather delicately over the last 20 months or so, it really hasn't gone straight up. there was a period last year right at the end of the first quarter where it really reversed and went higher. for the most part the story about the dollar index is, whenever it dips, it always finds large global support. now look at this chart starting in early march. you see the high there on the 7th. that was just a shade below 97.70. we're only a quarter cent away from that level right now as you see on the chart and my guess is, there's lots of stops around that zone. for many investors either trying

to go the other way or investors using buy stops as a trigger meaning should the market get up beyond a certain form of resistance they would like to buy it on those highs as it goes up. should we get there today and especially as it looks as though we'll close above that level pay close attention. today's topic, policy reform patches and bypasses. sara had a great conversation with imf leader christine lagarde and what i found most fascinating was the dichotomy of viewpoints all melded together. on one hand i so agreed with her about insurance. insurance in the context of all those whining now that the fed made a mistake, they raised too much. those are insurance. what i had a problem with, is that the policy and how it was being operated, how they were flying the plane wasn't 100% straightforward. we were given a plate of data dependent when really there was really a list of things they would like to accomplish, how much insurance they would grab

which i don't have a problem with. and that versus reform. she brought up the structure reforms, all of that is good but you need to address the structure reforms and therein lies the problem. you know, we have patches and bypasses but we never seem to really fix anything. take current election times in the u.s., free, free, health care free education, free i get it. it sounds great and i'm not thinking about whether it's a good thing or bad thing, i'm just thinking about what it is. what it is, is it's a patch. if you can't control college cost and you can't control college inflation, you can't control affordability and students can't afford to pay the loans to go there, just transfer it to the federal government, that isn't a fix. and when it comes to gscs and brexit, it's all the same. in the end, trying to patch something up so people forget about it or thinking it's fixed means there's a bigger issue in the future and all this eventually will continue to affect the markets.

carl, back to you. >> rick santelli, thank you. when we come back, nearly half a million dollars, that's what the average american woman can expect to lose out on over the course of her career due to the gender pay gap. the first advising silicon valley on how to change those things will join us next. of course, tomorrow, john's exclusive with ibm chief ginni rometty. the latest innovation from xfinity

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alley. today is equal payday. 92 days into 2019, today's date marks how far into the new year women would have to work to earn as much as their male counterparts did in the previous calendar year alone. women only earning 79 cents for every dollar men earn according to glass door's most recent survey who predict at its current rate that the pay gap won't close until 2070 our next guest works closely with silicon valley and names like airbnb, twitter, pinterest, lyft and others to advise companies on how to begin to actually close that gap. paradigm founder and ceo joelle emerson jones us now what do you actually say to the companies that you advise on this topic how do you counsel them? >> so, i think what we're seeing is that progressive companies are starting to take pay equity a lot more seriously than they have in the past that's great news but there are a couple of nuances that companies often miss the first is, yes, today is the day that the average woman must work into 2019 to earn what our

male counterparts earned in 2018 but the situation is actually different for a lot of women of color. for example, we know that black women have to work into late august to earn what male counterparts earned in 2018. for latina women, the pay gap is even larger. so one piece of this is encouraging companies to really understand the nuances and the different barriers that people from different underrepresented backgrounds face the other piece of this that's really important is understanding that it's not enough to just look at pay outcomes at the end of the day two people in identical roles paid the exact same. instead, we're encouraging companies to look at all of the factors that inform pay, like, what's happening in the hiring process or in promotions or in negotiation? so, those are the types of nuances that i think progressive companies are starting to think about as they look at how they're paying their workforce >> which really highlights a key differentiation between the concept of equality versus

equity so, when a company like last month google comes out and says it's underpaying many money as it addresses wage equity based on its research, you think what? >> i think that's really surprising that in one of the biggest efforts to close a pay gap, it's an effort that's being done to sort of benefit men. and i don't think that's necessarily a bad thing, but i think what we need to do is we need to look at why are people being paid what they're paid what's happening a hiring process that might be leading to different outcomes in pay? what's happening in, you know, leveling and promotions and in performance reviews and what we often see is if you just look at those numbers at the end of the day, you're actually missing all of these more complex factors that are determining what people get paid and so while that might seem equal it's not fair it's not actually equitable. >> yeah, joelle, the glass door data was especially interesting to me because i think a lot of people are misconstruing the pay gap and what it actually means it seems that what glass door

was saying is that women aren't in the industries, necessarily, where the pay is higher. they aren't in the job functions where the pay is higher and so that discrepancy, which could be an opportunity discrepancy, it could be a problem of preparation, is maybe more the issue than just saying, well, let's make sure that the same people of the same gender in the same roles are being paid equally, right >> yeah, it is complicated so, first of all, we do know that even people in the same roles do experience a pay gap, but what's really interesting is, yes, there are barriers to access, there are barriers to opportunity that are limiting people from entering into the same roles altogether. interestingly, research actually shows that when women enter a field, pay in that field declines, so it's not enough to just say, well, women aren't interested in these fields that pay more because what we see is as women gain interest in particular fields, our society tends to value those fields less so there's a lot of complexity happening in how we think about the value of women's work and

how that leads to the way that we compensate women. >> joelle, you work with quite a number of companies, particularly in silicon valley what is the methodology you implement and how do you measure success? >> yeah, i think the most important thing is to not just look at outcomes at the end of the day but to look at all of the factors that are informing those outcomes so in our work with over 300 companies, what we recommend is looking at what's happening to people from different backgrounds, not just women on average and men on average but how are experiences different for white women and black women and black men and asian men and latina women, looking at all of these differences across the employee experience so from the point at which you apply to a company to your experience in the hiring process to what happens internally from the way your performance is evaluated, what type of work opportunities you get, to the rates at which you stay or leave the company by taking in all of those data points, we think companies can get a much more wholistic

picture of the employee experience and then you can start to identify where gaps exist. you can begin to work to close those gaps and the way you measure progress is by continually measuring those same data points year after year. i think a lot of companies think this is a one and done thing, we closed our pay gap this year, we're really proud of ourselves. well, that's a step but these things emerge year after year so it's important to continue to measure and continue to make progress >> constant vigilance. joelle emerson, thank you for joining us today >> thank you so much markets in a holding pattern, dow dn sll, ow80tis&p down just a point. "squawk alley" is back in a few minutes.

welcome back to "squawk alley. first, spotify, now slack, the workplace messaging company selecting the new york stock exchange monday to host its public debut, but in a direct listing. it's the second major tech company to choose that route over the traditional ipo slack's latest funding round came back in august of last year, valuing the company at just over $7 billion "the journal" reports slack might go public as early as june or july and direct listing, no bumpers on the lane, got to roll that strike. >> yeah, it's really -- i mean when spotify went public in this way and there was a lot of

speculation how this would perform would sort of determine whether we would see more offerings that were similar to it and it seems we're going to get another gauge now with this. >> meantime a lot more still to come of course adp will give us the picture of the job market tomorrow i think we have game stop tomorrow night for now let's go to the judge. >> carl, thank you so much i'm scott wapner as the s&p closes in on a new record is the great american stock market the only place for your money right now it's 12:00 noon, this is "the halftime report." >> announcer: the s&p now just 2.5% from a record high. the dow, not far behind. if stocks breakthrough, what will lead the way? plus, bank of america's brian moynihan is with us live see what he sees in the market and what's ahead for consolidation in the financial industry another rough ride for lyft. a big call on disney an